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Solar EnerTech Corp. (SOEN.OB) Reports Fourth Fiscal Quarter Results

Solar EnerTech Corp. reported large year over year increases in sales and shipments of solar modules in the fourth quarter of fiscal 2010, ending September 30, 2010. The company attributed the strong results to organic growth in demand and initial orders from new customers in all geographic areas.

Solar EnerTech Corp. said that shipments of solar modules totaled 9.86 megawatts in the fourth quarter of fiscal 2010, up 87% from the 5.25 megawatts in shipments made in the same quarter in fiscal 2009. Sales also increased in the fourth quarter of fiscal 2010, reaching $18.2 million in the quarter, up 38% from the $13.2 million in the corresponding quarter in 2009.

Management saw strong organic demand and orders from new customers during the quarter. Leo S. Young, the CEO of Solar EnerTech Corp., said, “We experienced strong growth in demand for our products both during the quarter and throughout the year, pushing our production and shipments to historically high levels…equally pleasing was the expansion of shipment volumes to both new and existing customers in Europe, Australia and the United States.”

Solar EnerTech Corp. reported a decline in the average selling prices of solar modules in the most recent quarter. The company realized an average selling price of $1.82 per watt in the quarter ending 9/30/2010, compared to $2.13 per watt in the fourth quarter of fiscal 2010.

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